Central Banking

FSB sets targets to tackle cross-border payments issues

The Bank for International Settlements, Basel
Photo: Ulrich Roth

The Financial Stability Board is consulting on quantitative targets to guide work on improving the global payments network.

A consultation document, published on May 31, sets out metrics designed to address challenges of cost, speed, transparency and access. The targets are further broken down into wholesale payments, retail payments and remittances. Most have a deadline of the end of 2027.

For example, the FSB expects the “large majority (e.g. 75%)” of cross-border payments to be complete

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